News

Contributions, Downsizer

Downsizer extensions very rigid

An application to have the downsizer contribution deadline extended will only be successful if there is a legitimate reason behind the request.

An application to have the downsizer contribution deadline extended will only be successful if there is a legitimate reason behind the request.

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ATO, SMSF

Sector shows steady growth

The latest ATO overview of the SMSF sector has revealed continued growth, with many funds holding long operating track records.

The latest ATO overview of the SMSF sector has revealed continued growth, with many funds holding long operating track records.

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ATO, Compliance, Technology

ATO urges app use to prevent fraud

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

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Accounting

ASFA rejects CSLR levy for large funds

ASFA has rejected the suggestion the Compensation Scheme of Last Resort levy should be applied to public offer super funds.

ASFA has rejected the suggestion the Compensation Scheme of Last Resort levy should be applied to public offer super funds.

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NALI/NALE, Trusts

Discretionary trusts a NALI trigger

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

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Pensions, Tax

Asset sale timings can reduce tax

SMSF members heading into pension phase may want to delay asset sales to reduce potential capital gains bills.

SMSF members heading into pension phase may want to delay asset sales to reduce potential capital gains bills.

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ATO, Compliance

Trustee disqualifications decline

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

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Property, Tax

Travel for asset inspection non-deductible

Trustees cannot claim a tax deduction for travel expenses incurred for the purposes of inspecting a residential property held by their SMSF.

Trustees cannot claim a tax deduction for travel expenses incurred for the purposes of inspecting a residential property held by their SMSF.

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Division 296, Legislation, Tax

CGT discounting unclear for Div 296

Several CGT issues remain clouded under the revised Division 296 tax proposal, including whether current discounting measures will be applicable.

Several CGT issues remain clouded under the revised Division 296 tax proposal, including whether current discounting measures will be applicable.

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Compliance, Pensions, Regulation

Multiple pensions can save payment error

SMSF members can use multiple pensions to avoid breaching payment rules, but must have clear documentation to support this strategy.

SMSF members can use multiple pensions to avoid breaching payment rules, but must have clear documentation to support this strategy.

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